Japan Hotel REIT acquires Tokyo hotel for US$561m

Japan Hotel REIT has purchased a 453-room hotel in Tokyo for JPY 62.4bn (US$561.5m) to take advantage of the upcoming 2020 Tokyo Olympics.

The 4-star Hilton Tokyo Odaiba hotel is located in Odaiba, one of the most popular tourist destinations in the capital, and comes with multiple Japanese, Western and Chinese restaurants and other facilities, the REIT announced.

Various events for the Tokyo 2020 Olympics and Paralympics are set to be held in the Odaiba area.

Hilton Tokyo Odaiba (Photo: Business Wire)

Additionally, the international broadcasting centre and main press centre will be situated at the nearby Tokyo Big Sight exhibition centre.